Bitcoin (BTC) held by the platform is highly secured
Further proof of Binance’s resilience? The platform has just completed an audit of its reserves, and the examination revealed that Binance’s reserves in Bitcoin (BTC) are slightly larger than announced. Something to reassure users who fear another scenario in FTX.
Binance Bitcoin Reserves reviewed
Major audit firm Mazars was responsible Check Binance bitcoin reserves. In his report, he confirms that the number of BTC held by the platform is higher than announced: 101% guaranteed already. So Binance has 575,742 bitcoins, or $9.6 billion at current prices.
The platform also confirmed that it will conduct additional checks. for other assets heldIncluding Ether (ETH). As Mazars points out, this is really an overview of Binance’s BTC holdings, not an overview:
“We do not express any guarantee opinion or conclusion. If we had performed additional procedures, we could mention other elements it would be reported.»
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Excess of Binance reserves
Recall that Binance has already published “backup proof”. a few weeks ago, to appease users burned by the drop of FTX. The platform claims it has huge reserves: more than $63 billion in cryptocurrency, according to data recently shared by Nansen:
This table shows that Binance has 3 times more cryptocurrency than the other 11 exchanges ?
Binance $63.3 billion
OKX $6.2 billion
Cryptocom $3.41 billion
$3.12 billion
KuCoin $2.45 billion
And othersExchange balances are updated hourly here ➡️ https://t.co/2OSHH7Ngf7 pic.twitter.com/U9sMjp3CL3
— Nansen ? (@nansen_ai) December 6, 2022
Binance’s reserves seem extreme: it fits it triples the reserves of the other 11 listed exchanges. This probably indicates the significant weight of the company, which strengthened its hegemony after the FTX issue.
However, the incited panic gave way more transparency for other key players. The latter have published proof of reserves in recent weeks to prove that they actually have the funds needed to respond to their customers’ transactions. It should be recalled that FTX discreetly directed client funds to its sister company Alameda Research, which accelerated the giant’s downfall.
? To read on the same topic – Sam Bankman-Fried reveals that FTX will sell non-existent assets to its clients
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A journalist at Cryptoast, I fell into the cauldron of cryptocurrencies a few years ago. I’m passionate about innovative blockchain-powered technologies and love finding the crunchiest information to share with you.
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